Recently, Regency received a Silver MAXI Award at ICSC Vegas 2024 for its video efforts. Titled “The Abbot: The Unofficial Gateway of Harvard Square,” the piece is a look at a historic redevelopment that gives a large spotlight to the amenities and offerings of the merchandising mix.
Davidson notes that Regency is leaning into video not only to showcase the local talent already in its centers, but to attract the best new local concepts that might not be familiar with Regency. With over 20 regional offices, the REIT has clear insight into local operators and power players, Davidson says, and has a long track record of introducing store concepts that are well-received in the local community.
Macerich Tech Platform Works to Ease Local Entrepreneur Leasing
Macerich (NYSE: MAC) believes that making the leasing process as simple as possible for its small local entrepreneurs is key to having a strong and diverse mix of tenants across its portfolio. To that end, Macerich has partnered with real estate industry software developer Yardi, utilizing its property data and listings platform CommercialEdge, to power its QuikSpace online leasing platform.
Ken Volk, executive vice president for business development at Macerich, says that prior to the pandemic the REIT had worked with several other companies to list space within its malls on third party sites, but felt that the properties were not well-represented and the process was cumbersome for small business owners.
Launched in 2021, Quikspace has digitalized the leasing process from generating a lead right through to execution, Volk says. Knowing that many local entrepreneurs look at space outside of regular business hours, Quikspace is designed to mimic how one books a hotel room or storage space today. It allows potential tenants to locate a mall, find a space, do a virtual tour, fill in an application, and generate a lease. Before signing the lease, Macerich speaks to the retailer to ensure everything is a good fit. “It becomes so seamless; we are really taking the administrative burden out of the entire process for the retailer, and our own internal staff,” Volk says.
Volk describes the technology as a “pretty stunning advancement” for the retail real estate sector, which he says has traditionally lagged other segments of the commercial real estate industry.
